Lost and need advice

[parrothead2008]

We make $170,000 a year gross. We bring home $108,000 and we have bills that eat this up. Most of my concern are the taxes. $32,000 currently owed to IRS wth more to come to make it about $44,000. Mortgage and wifes car are $3000.00. Personal loan to parents is $600 month. Child support is $625. Credit cards are $1200. The vehicle I drive is actually in my moms name and is $520. I have $35,000 in old credit card debt that I quit paying on back in 03. It is just a big ole mess. I have been to credit counseling service and we did not get through all the bills and she told me to go see an attorney for chapter 7. Does anyone think I qualify for this? Live in Mississippi. Any help will be appreciated.

[leftyf]

Nice income, but I think you'll have to file for a chapter 13. I don't have the numbers, but I'm guessing $170K is WAY above the median in MS. Bankruptcy usually won't help with the IRS...you can't get out of those debts very easily. From the looks of it, the only people you can really stiff are the credit card companies and your mom.
In my humble opinion, you really need a tax attorney. All of your other debts seem pretty manageable relative to your incomes. Or, you may want to pursue the 13 and get the IRS in on your payment plan.
That's my two cents. Good luck.
Lefty

[Help!]

Nice income, but I think you'll have to file for a chapter 13. I don't have the numbers, but I'm guessing $170K is WAY above the median in MS. Bankruptcy usually won't help with the IRS...you can't get out of those debts very easily. From the looks of it, the only people you can really stiff are the credit card companies and your mom.
In my humble opinion, you really need a tax attorney. All of your other debts seem pretty manageable relative to your incomes. Or, you may want to pursue the 13 and get the IRS in on your payment plan.
That's my two cents. Good luck.
Lefty

I totally agree. Filing Ch. 7 with a high income is no picnic, even when you have some extenuating circumstances ("special circumstances" - as BAPCPA calls them). The only reason my case is still hanging by a thread is the existence of some very large medical bills in the past and the projection of continued high medical bills. No sympathy from the UST here - I will likely have to take my case to a judge in order to have these circumstances considered, though. You can expect opposition from the UST if you don't pass the means test with flying colors. My two cents... Now you almost have a nickel.

Good luck.

[parrothead2008]

Could I file without my wife as most of the problems are in my name only. House is also in my name only.

[Help!]

Could I file without my wife as most of the problems are in my name only. House is also in my name only.

Does "house in my name only" mean you are the only one on the mortgage, only one on the title or both? You can file separately... but someone more knowledgeable will have to explain how spouse's income is treated on the means test.

[lrprn]

You need to make appointments with 3-4 bankruptcy lawyers in your area. Most give free or low cost initial consultations.

Filing as a single when you are married can be complicated - you need a legal expert's advice who is familiar with the customs of your local MS bankruptcy court and trustees to see how your specific case is going to pan out in MS. Even if it is possible for you to file alone, your wife's income that she contributes to the household will still be included when you complete the mandatory Means Test.

Time to start interviewing lawyers. From the few details you've given us, with your income level you are going to need good legal advice no matter which chapter you alone or with your wife end up being able to file. Get going! Come back and let us know how the interviews go.

[keepmine]

If you stopped paying the cc's in 03, you may be beyond the statute of limitations for legal action.

[southernbelle]

Everyone here is 100% correct. Since there is no business involved, your chapter 7 could be very tricky because of your income. If nothing else you will get a close look by the UST and the local Trustee. It won't be a picnic, but talk to several atty's in your area because that is the one true way to find out what local attys say about your individual situation and what your options are.

Since you are married, even if you file alone, your wife's income will still be a part of the Means Test because she contributes to the household income. Also, you might want to Google the statute of limitations for collections in MS because you might be past the SOL for some of the cc debt. Keep in mind that things like Child support and the IRS don't go away and a chapter 13 might be better for you in the long run anyway, but again, a local atty can give you better advice. Good luck.